The Infant
. . .
Meet Theo. Even before he took his first steps, Theo was mobile. Mom and Dad set up his own bank account when he was born and Nana uses an app to send him birthday money each year. Theo’s college savings account grows along with him, but by the time he’s ready to make his first tuition payment, brick-and-mortar banks will likely be ancient history.
The Mellinial
. . .
. . .
Scott avoids going to the bank at all costs. In fact, his generation will take a teeth cleaning over a bank transaction any day. Paychecks are deposited directly into Scott’s account and an app allows him to pay his friend back for lunch. Scott recently began saving money for a down payment on a new car. Once he’s ready to take out an auto loan, he can compare interest rates and apply for pre-approval right from his bank’s app. Scott trusts mobile banking until he’s
given a reason not to.
The 30 Something
. . .
. . .
Getting burned by bank fees and buried in credit card debt in Jherri’s 20s soured her opinion of financial institutions. Jherri also sees going to the bank as a chore, so she uses mobile services to stay on top of bill payments, transfer funds, and deposit checks. Because Jherri graduated from college at the beginning of the Great Recession, her career is finally on track and she’s making a good income. She has some money in a 401k and is looking for other ways to build her portfolio. Online reviews will help Jherri decide on the right financial institution
with the best app.
The Mid-Lifer
. . .
Meet Charlette. She’s never had what most people consider a traditional job. Farming has been her bread and butter for the last 20 years. While she enjoys the conveniences of financial technology — like taking credit card payments at the farmers market and paying employees faster — safety and security weigh on her mind. An app allows Charlette to monitor an investment portfolio intended to help fund her retirement. Charlette is interested in financial institutions that offer the best rewards, but she isn’t afraid to take her money elsewhere if she feels like her assets are insecure.
The Retiree
. . .
. . .
Shi has watched the banking industry transform — for better or worse — since he opened his first checking account 50 years ago. Recently, Shi’s neighbor was a victim of identity theft, so now he keeps a close eye on his accounts. With help from his son, Shi learned how to use his bank’s app to monitor checking account activity and enroll in electronic credit card statements. He appreciates that technology makes life easier but wishes mobile banking was safer and
simpler to navigate.
